The objections to the $109-per share bid are broad-based and, not surprisingly, two of them touch on the relationship between Oracle’s co-founder and chairman Larry Ellison, who is NetSuite’s largest shareholder and founder. Among other objections, T. Rowe Price says it believes NetSuite has not reached its potential and is poised to realize increased returns after making large investments. Ten portfolio managers also argued NetSuite has performed far better than other cloud companies, which should produce a higher stock multiple and that they lack confidence in the analysis comparing prices for sale of other cloud companies. They also said the parties needed to do a better job of explaining the synergies NetSuite would bring to Oracle and that NetSuite’s investors should share in the benefits. Ellison’s “unique relationship to the company” was cited as a possible barrier to the submission of competing bids. T. Rowe Price also argues the potential conflicts between NetSuite, Ellison’s entities and Oracle “are daunting and may be impossible to manage” and that “approval of the unaffiliated shareholders is essential.”